OIL Forex Analysis – Thursday (02-05-2024)

OIL Forex Analysis – Thursday (02-05-2024)

OIL Forex Analysis for Today – Thursday (02-05-2024)

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OIL Still Under Pressure, Look for Selling Opportunities Again!

OIL Daily Analysis – CLSK

Oil Reserves Increase

WTI crude oil prices fell after data showed that US crude oil inventories, including the Strategic Petroleum Reserve, increased by 7.3 million barrels to 461 million barrels last week, according to the Energy Information Administration.

Sell If Support Breaks

Prices are still under pressure. Sell opportunities can be taken if there is a breakthrough below the support level seen on the H1 timeframe.

Prediction: WEAK OIL

Resistance Levels

  • R1: 79.61
  • R2: 78.60
  • R3: 80.07
  • R4: 80.56

Support Levels

  • S1: 78.60
  • S2: 79.61
  • S3: 78.05
  • S4: 77.50

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